Overview

• Total mortgage applications dropped 3.9% last week, marking a third consecutive weekly decline, according to the Mortgage Bankers Association.
• The average contract interest rate for a 30-year fixed mortgage eased to 6.92% from 6.98%, with points decreasing to 0.66.
• Refinance applications fell 4% week-over-week but remain 42% higher than a year ago, as the 30-year refinance rate slid to 7.17%, its lowest in three weeks.
• Purchase-loan requests declined 4% from the prior week while still running 18% above year-ago levels, buoyed by a recent rise in housing supply.
• The Federal Reserve’s decision to pause rate cuts at its third 2025 meeting has kept borrowing costs elevated and mortgage demand subdued.